HomeMy WebLinkAbout2661RESOLUTION NO. 2661
A RESOLUTION authorizing an Interfund Loan to the Arterial Street Fund from the
Equipment Rental Reserve Fund.
WHEREAS, the Arterial Street Fund has an immediate need for cash with which to
provide working capital to carry out the Bremerton-Gorst connector project; and
WHEREAS, the size and nature of this Wansaction does not lend itself to an external
financing; and
WHEREAS, surplus cash in an mount sufficient to meet the short-term needs of this
settlement is presently on hand in the Equipment Rental Reserve Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is hereby authorized
and directed to make an inteffund loan from the Equipment Rental Reserve Fund to the
Arterial Street Fund in an amount not to exceed $1,000,000. This loan shall bear interest at
the rate of 5.0% per annum and shall be repaid in its entirety not later that December 31,
2000.
ADOPTED by the City Council of the city of Bremerton this 22nd day of July 1998.
DAVID FARR, Council President
ATFEST:
KATHLEEN L. McCLUSKEY, City Clerk